Maintenance charge on flat held as an investment.
This query is : Resolved
Ankit Kr. Sharma
(Querist)
01 August 2012
DEAR ALL
PLEASE SUGGEST ME ABOUT ACCOUNTING TREATMENT OF MAINTENANCE CHARGE ON FLAT HELD A AN INVESTMENT. CAN WE CAPITALISE OR SHOWN AS EXPENSE IN P/L?
PLEASE SUGGEST ME ABOUT ACCOUNTING TREATMENT OF MAINTENANCE CHARGE ON FLAT HELD A AN INVESTMENT. CAN WE CAPITALISE OR SHOWN AS EXPENSE IN P/L?
Naresh Kansala
(Expert)
01 August 2012
no tax treatment for cost of repair/improvement now but when u'll sell the flat u can claim these expenses as cost of improvement while calculating the capital gain.
Ankit Kr. Sharma
(Querist)
03 August 2012
What is the Accounting treatment for this. can we show this expenses in p/l and calculate deferred tax or can we capitalize this expeniture.
Naresh Kansala
(Expert)
03 August 2012
they are t/fed to p&l account only if flat is used for business purposes but here u bought it for sake off investment so improvement charges should be capitalized.
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